(Oslo, 12 May 2020) Magseis Fairfield’s top priority during the current
coronavirus pandemic has been the safety and welfare of its employees, safe and
timely execution of ongoing operations, and strengthening of financial liquidity
and flexibility to safeguard business continuity. No employees have so far been
infected by the virus and neither the operational nor financial performance was
materially impacted in the first quarter.

Financial highlights for the first quarter:
* Revenue of USD 53.3 million and gross profit of USD 12.3 million (23%)
* EBITDA of USD 5.8 million 
* EBIT loss of USD 8.1 million and net loss after tax of USD 12.0 million
* Order backlog of USD 169 million, of which USD 125 million for delivery in
2020
* Total increase in cash and cash equivalents of USD 12.3m resulting in cash
position of USD 65.8 million
  
“We have taken decisive action to adjust to a new market reality as a result of
the coronavirus pandemic and lower oil prices. We entered this market situation
as a stronger company after restructuring and refinancing over the past seven
months, and have in April initiated further cost and capex reductions to align
our cash spending with a low case revenue scenario based on the secured
backlog”, says CEO Carel Hooijkaas in Magseis Fairfield. 

As announced on 7 April, the company expects SG&A costs of USD 25 million and
capital expenditure of USD 15 million in 2020. This excludes investments into
the multi-client library through the MC survey which started in the North Sea
towards the end of the first quarter. 

During the first quarter, the company announced a sale of Z100-nodes to an
existing client in Asia and a deepwater acquisition project in Mexico that will
be executed towards the end of the year. The ZXPLR crew in the Gulf of Mexico
has shown excellent performance, and the contract in Mexico extends the backlog
for that crew through 2020. 

Going forward, the company sees its clients rethinking investment plans to
preserve cash and shifting their focus to already explored fields rather than
exploration for new reserves. Clients are concentrating their efforts on a
smaller number of projects which will deliver near-term cash and value, and
Magseis Fairfield believes it is uniquely positioned to address this new focus
area.  
 
“Looking ahead, we have a good cash starting position, prudent cost management,
and an asset light business model. Combined with our people and technology this
differentiates us and will allow us to successfully navigate this new market
environment. We will continue our tireless efforts to be the trusted partner to
make Ocean Bottom Nodes the technology of choice for seismic data,” ends
Hooijkaas.
 
First quarter conference call information:

An earnings conference call followed by Q&A will be hosted by CEO Carel
Hooijkaas and CFO Mark Ivin at 10:00 CEST. 

To dial in to the conference call where the first quarter results and Q&A will
be hosted, please dial in to one of the following numbers:
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 917 962 0650
Participant PIN code: 404874  

You can also follow the first quarter results via webcast with supporting
slides, available on:  https://magseis.eventcdn.net/2020q1/   

Please note, that if you follow the webcast via the above URL, you will
unfortunately experience a 30 second delay compared to the main conference call.

The first quarter 2020 report and presentation will be available at Magseis
Fairfield (www.magseisfairfield.com) and Oslo Stock Exchange (www.newsweb.com).
The webcast will be made available at Magseis Fairfield’s website after
completion.

For further information, please contact:
Carel Hooijkaas, CEO
Tel: +47 480 49 277
Email: carel.hooijkaas@magseisfairfield.com

Mark Ivin, CFO 
Tel: +47 948 88 606 
Email: mark.ivin@magseisfairfield.com 
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Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS)
technology and data acquisition projects. The company has a flexible business
model with full scale node operations, as well as lease and sale models. The
Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined
with handling systems and source technology enables market leading deployment
speed and highly cost-efficient acquisition of data with exceptional quality.
The Company is headquartered in Oslo, Norway and has offices in US, Sweden, UK,
Brazil and Singapore.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.